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Nov 08 - 07:55 AM

USD/JPY - Fragile Into U.S. Midterm Elections, Ahead Of CPI Data

By Martin Miller  —  Nov 08 - 05:50 AM
  • Dollar could well be set for much bigger drop nL1N3240N0

  • A USD/JPY daily close under a major Fibo would be very bearish nL1N3240KK

  • Spot has dropped from 146.93 to hit 146.15, on Tuesday, according to EBS

  • Major Fibo is at 143.71, 38.2% of the 130.40 to 151.94 (Aug to Oct) EBS rise

  • Trading quite cautious into U.S. midterm elections, ahead of U.S. CPI data

  • Key U.S. CPI data is due to be released on Thursday

  • 30, 60-day log correlations between USD/JPY and EUR/JPY under +0.50

  • The relationship between the two currency pairs continues to breakdown

Source:
Refinitiv IFR Research/Market Commentary

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